Last month I gave a synopsis of 2014 sales numbers. I also projected that we would see a strong increase in lot sales in 2015 and 2016. If the first 3 weeks of 2015 are any indication, it appears that lot sales are taking off right out of the gates.
The total number of lot sales so far this year account for 17.3% of all property sales during the first 3 weeks of 2015. There have been 13 lots sales so far in 2015 and there are currently an additional 30 lots under contract. While this may not sound like a huge number, there were just 4 lot sales during the same time frame in 2014. 2015 lots sales to date represent a more than 100% increase compared to each year since 2010 with the exception of 2013 which saw 8 lot sales. Total property sales to date are up 36.4% in 2015. Below is a chart that shows the number of lot sales and total property sales for the first 3 weeks of each year starting in 2010.
Home prices are increasing and inventory is being reduced. On a state level, the average residential sales price was up 5.7% in 2014. The number of MLS listing inventory decreased each month from August thru December 2014. The total decrease during that time frame was 23.4%.
I am seeing high activity in the number of buyers viewing both homes and lots during January. Many of the home buyer’s objective is to have a contract in place scheduled to close by mid-March so they can take advantage of the Spring season and be ready for Summer.
Lot prices are currently at an all-time low due to the lack of sales during the past 6 years. As with anything, when demand increases; prices will follow. It probably goes without saying: if you have been waiting to purchase a lot at the bottom of the market; you should act immediately.
Lake area sales data has been obtained from the Lake of the Ozarks MLS based on all property type sales over the time frame from January 1 through January 22 of the years from 2010-2015 and data obtained from the Missouri Realtors Housing Statistic Report of January 20, 1015.
Michael has been selling real estate at the Lake of the Ozarks since 1981. He is one of the most respected brokers in the area. If you would like to work with Michael in the sale or purchase of property, contact him at 573.365.SOLD or email@example.com View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com